Iron Ore Projects in Eastern Canada

Rio Tinto – IOC

Carol Lake

Reserves: 1,489 Mt @ 38% Fe*

Resources: 2,372 Mt @ 38.1% Fe

Cliffs Natural Resources Inc. – Wabush Mines

Scully Mine

Reserves: 214 million long tons @ 35% Fe**

Labrador Iron Mines Holdings Ltd.

Schefferville DSO

22.2 Mt Indicated @ 57.4% Fe (Stage 1)

90 million tons historic resource ***

ArcelorMittal Mines Canada

Mont-Wright

Total resource >1,000 Mt @ 30% Fe

Cliffs Natural Resources Inc.

Bloom Lake

826.9 Mt Measured and Indicated @ 29.35% Fe

New Millennium Iron Corp.

Schefferville DSO

64.1 Mt Proven and Probable @ 58.9% Fe

LabMag

3,500 Mt Proven & Probable @ 29.6% Fe

1,000 Mt Measured & Indicated @ 29.5% Fe

Alderon Resource Corp.

Kamistiatusset

490 Mt Indicated @ 30.0% Fe

118 Mt Inferred @ 30.3 % Fe

Exempt Mineral Land

Julienne Lake

460 million tonnes historic resource @ 35% Fe****

New Millennium Iron Corp.

KeMag

2,100 Mt Proven & Probable @ 31.3% Fe

Champion Minerals Inc.

Attikamagen

DDH: 139.0 m @ 52.8% Total Fe